Guide for buying a new home
You know where you want to live, but before committing to it, you must consider the following aspects.
- Residential prices vary depending on location, size and characteristics
- Prepare your family budget
- Decide how much you can afford to pay a month
- The idea is to obtain the property with the highest value that your budget allows
- Choose a property that retains its resale value, in case you want to resell it later
- If you do not have the budget for the property you want to purchase, but are in the position to purchase another of lower price in a good area, consider buying the more affordable property to use as a base for acquiring the more expensive property in the future
- If you are buying a new house, remember to add to your budget the costs to fix up, furnish, fix the patio, etc. These expenses can add thousands of dollars to your purchase
- If you are buying an existing property, the repairs made by the previous owners are added to the cost of the property
- If the property needs repairs, remodeling or restoration, add these costs to your budget
- When you decide to remodel, think if your remodeling will increase the property’s value
- When you see a property that interests you, look to see that the structure is in good conditions and that the plumbing and electricity are functional
- Explore the neighborhood
- Ask for an inspection of the property by a specialized professional that assures you that the structure is in good conditions and completely functional in all aspects
- Make sure that the property has all its corresponding insurance policies in order. If this is not the case, process them immediately
- Obtain title insurance for the property. If there are claims on the title, you can loose your investment
- If you are building a house, demand the contractor the guarantees you are entitled to receive by law
- When processing your mortgage loan, learn about all the options the bank offers you
- Compare the offers from different lending institutions.
- Find out about the current interest rates
- Verify the interest rates on mortgage loans for 30 years, 20 years and 15 years
- Ask how much the down payment will be
- Process your purchase documentation carefully. Obtain all the titles and registrations
- If necessary, ask for legal opinions on the transaction
Selling your home
Just like when buying a new home, selling it should be a positive and profitable experience. To achieve this, consider the following:
- Set the asking price for the property and decide how flexible you are willing to be with the set price.
- Start looking for buyers and advertising the availability of the property.
- First impression is important. The buyer should be sufficiently impressed to want to come in.
- Paint the entrance and maintain it free of obstacles.
- Mow the lawn and eliminate any visible trash or junk.
- A good impression will make your buyer more interested in closing the deal as soon as possible.
- Make the small improvements. These details can make the difference.
- Paint worn surfaces, cover any humidity stains.
- Make sure your home is well illuminated. Change the burnt out light bulbs and illuminate dark areas.
- Repair any leaks in the ceiling and plumbing.
- Put the house in order. Take out all the extra furniture. This will allow the house to look more spacious.
- The areas the buyers look at the most are the bathrooms and kitchen. Keep them clean, tidy and clear of any bad odors.
- Do a general cleaning.
- Affordable improvements can make a great difference in what the buyer is willing to pay.
- Avoid all noises.
- Avoid visits from friends or family while you are showing the house.
- Be prepared to talk about any problems with the property.
- Take photographs that show your home's best assets to show them to possible buyers, send them to real estate websites or other sales channel.
- Use a real estate broker if you are not ready to manage the sale yourself.
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